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Shariah Setting
COASTAL (5071) : COASTAL CONTRACTS BHD
KLSETrader
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19 Jan 2012, 07:58 PMPost #1
COASTAL may have bullish breakout today. It should enjoy the uptrend from now.

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Cutloss at RM2.00.
KLSETrader
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20 Jan 2012, 09:09 PMPost #2
Still looking promising to move higher. thumbup
KLSETrader
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31 Jan 2012, 09:28 AMPost #3
COASTAL broke its immediate resistance at RM2.10, looks good to move higher.
GO GO GO...

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azlan
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31 Jan 2012, 09:30 AMPost #4
Coastal flyyyyy.
Jacky
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31 Jan 2012, 03:30 PMPost #5
What happen to COASTAL? Going up so much suddently. doh
KLSETrader
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03 Feb 2012, 03:45 PMPost #6
COASTAL...GO GO GO...smile
ILoveDividend
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04 Feb 2012, 10:50 AMPost #7
Coastal Contracts to break boundaries with sustainable orderbook

KUCHING: Coastal Contracts Bhd (Coastal Contracts) is venturing into the floating, production, storage and offloading (FPSO) and liquefied natural gas (LNG) segments to tap into upstream markets whereby Indonesia will be a key driver.

HwangDBS Vickers Research Sdn Bhd (HwangDBS Research) in a research report affirmed that Coastal Contracts was tendering for a 20-year FPSO contract in Indonesia, with a contract value that could potentially quadruple its existing orderbook.

Coastal would be required to supply the FPSO through either conversion or new builds.

On the LNG front, HwangDBS Research believed the group was looking into a similar long contract but both would be mutually exclusive due to capital constraints and it was likely to seek debt (net cash position) and capital markets for financing.

Cumulative contract value remained clouded for the moment but there would be more clarity in the next few months, it added.

Coastal Contract’s role in these awards would mainly be a provider of capital as it lacked the expertise to assemble and operate FPSO and LNG vessels.

The group’s venture into higher value offshore support vessels (OSVs) was evident as it was constructing two subsea vessels worth US$105 million involved in pipe and platform servicing to be completed by the end of 2013.

Demand was expected to be palpable as supply in the Southeast Asian region was tight and organisations were likely to require such vessels for pipeline and platform replacement.

Coastal Contracts had a healthy current orderbook of RM610 million and the research house expected the operating margins to fall to pre-2009 levels of circa 20 per cent through vessel orders should remain strong on the back of increasing investments by Petroliam Nasional Bhd (Petronas) and replacement demand in the face of diverging utilisation rates between old and new fleets.

HwangDBS Research stated that the recent joint venture between Coastal Contracts and various parties to bid for offshore oil and gas contracts could jump-start the company’s fabrication segment on top of greater sales in the Malaysian region.

In the fourth quarter of 2011 results preview, the group should see a quarterly improvement in revenues on better timing of vessel deliveries. Net margins were expected to remain intact at a circa 30 per cent as the group ran down its order book with higher vessel prices locked in, bolstered by low interest expense from minimal borrowings and marginal tax exposure.


Read more: http://www.theborneopost.com/2012/02/04/coastal-contracts-to-break-boundaries-with-sustainable-orderbook/#ixzz1lNTcQULU
ILoveDividend
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04 Feb 2012, 08:22 PMPost #8
Coastal Contracts
BUY RM2.29
Price Target : 12-Month RM 3.25

Breaking boundaries
• Sustainable 2012 order book; upsides may follow
• FPSO and LNG contracts may quadruple orderbook
• Reiterate Buy with RM3.25 TP

Robust FY12. Coastal has a healthy current order book of RM610m, sustainable till 2012. We expect operating margins to fall to pre-2009 levels of c.20%, though vessel orders should remain strong on the back of increasing investments by Petronas and replacement demand in the face of diverging utilisation rates between old and new fleets. The recent joint venture announced on 22 Dec 2011 between Coastal and various parties to bid for offshore O&G contracts could jump-start the company’s fabrication segment on top of greater sales in the Malaysian region.



Refreshing new ventures. Coastal’s venture into higher value OSVs is evident as it is constructing two subsea vessels (worth US$105m) involved in pipe and platform servicing, to be completed in end 2013. Indonesia will be a key driver for Coastal, as we understand the company is venturing into FPSO and LNG segments to tap into upstream markets.

Coastal is tendering for a 20-year FPSO contract in Indonesia with a contract value that could potentially quadruple its existing order book. On the LNG front, Coastal is looking into a similar long contract but both will be mutually exclusive due to capital constraints. The company will likely seek debt (net cash position) and capital markets for financing.

Cheap outperformer. Coastal’s FY12F PE of 6x is unjustified vs the regional average of 16x. It remains a prime candidate for privatisation, considering its strong track record in performance delivery. The stock is supported by persistently high crude oil prices (hovering near US$96 per barrel) and offers a cheap proxy for the strong correlation.

4Q11 results preview. Coastal should see a quarterly improvement in revenues on better timing of vessel deliveries. Net margins are expected to remain intact at c.30% as the group runs down its order book with higher vessel prices locked in, bolstered by low interest expense from minimal borrowings and marginal tax exposure. This should flow to higher net profit q-o-q. We expect net profit for FY11 to dip slightly in the face of lower vessel sales recognised in 3Q11.

Venturing upstream. A key growth driver for Coastal will be its foray into the subsea vessel market. It is constructing two subsea vessels worth US$105m each, to be completed by end-2013 (20-24 months build time). Demand is expected to be palpable as supply in the Southeast Asian region is tight and organisations such as BPMIGAS and Petronas are likely to require such vessels for pipeline and platform replacement.

Tapping new markets. Coastal’s plans to tap the FPSO and LNG markets will primarily be centred in Indonesia. It is tendering for a 20-year term FPSO contract worth four times the company’s current order book. Coastal will be required to supply the FPSO through either conversion or new builds, which is estimated to cost US$160-180m for the former and US$200-280m for the latter.

Meanwhile, the group has been approached to tender for an LNG operation contract with a 20-year term in Indonesia, with a similar ‘vessel supply and operate’ requirement. Cumulative contract value remains clouded for the moment, but there will be more clarity in the next few months.

We understand Coastal’s role in these contracts will mainly be that of a provider of capital, as it lacks the expertise to assemble and operate FPSO and LNG vessels. We gather it will contract companies to assemble and operate the FPSO and LNG vessels as it lacks the scale to employ its own team of operators.

We expect the FPSO and LNG contracts to be mutually exclusive, given the capital constraints and immense investments required to construct both vessels. Coastal will more likely engage whichever contract it secures first.

Plethora of funding avenues. Funding for the subsea vessels and FPSO/LNG contracts will likely be conducted via a combination of debt and equity. Coastal’s net cash position and credit lines should provide capacity to gear up, while equity management via joint ventures, equity raisings etc should bolster internally generated funds.

Valuations remain cheap. Coastal is still unjustifiably cheap at 6x FY12F PE vs the regional average of 16x, making it a viable candidate for private equity firms and strategic tie-ups. We hear down the grapevine that interest in the company is high, with funding readily available for future projects should the need arise. Reiterate Buy with RM3.25 price target.
ILoveDividend
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04 Feb 2012, 08:24 PMPost #9
新投資需發債融資‧沿海工程或私有化
2012-02-04 13:21

(吉隆坡3日訊)沿海工程(COASTAL,5071,主板工業產品組)現僅以2012財政年本益比6倍交易,遠落後於區域平均本益比16倍,分析員因而預見,這廉價物美的超越大市股,持續是私有化的最佳“候選人”。

遭低估不合理

黃氏唯高達研究指出,該公司的低估值不合理,因此,可能是私人公司與策略夥伴結合的潛在選項。


“據瞭解,企業對沿海工程的興趣高,隨該公司未來計劃的融資需求提高,私有化的可能性料走高。

另外,沿海工程涉足新投資後或面臨資金壓力,並可能需藉發行股票與債券來融資。


競標印尼浮式生產儲油船合約

隨沿海工程建設值1億零500萬美元的兩艘海底船艦,並放眼在2013年杪完成,顯示該公司涉足較高價值的沿岸支援船(OSV)業務趨明顯。該公司也涉足新領域-浮式生產儲油船(FPSO)與液化天然氣(LNG),以進軍上游市場。


該公司正競標印尼的20年浮式生產儲油船合約,促使現有訂單或取得4倍增長。該公司也尋求相似的液化天然氣長期合約。然而,礙於資本受限,兩者只是部門的單一計劃。


所以,黃氏唯高達相信,沿海工程可能結合債券與股票,來融資海底船艦與浮式生產儲油船或液化天然氣計劃。


“該公司的淨現金與債務比料支撐其負債能力,而藉聯營、發股等的股票管理,也助提振內部資金。”


另外,該公司的船艦訂單在國家石油投資提高的支撐下持續強穩,黃氏唯高達預見,船艦的營運賺幅將重返2009年前的水平-20%。


沿海工程的訂單穩健,達6億1千萬令吉,並足以支撐至2012年。該行預見,該公司2012財政年的表現強勁,惟2011財政年的淨利可能略走疲,主要是去年第三季的船艦銷售認可率較低。


黃氏唯高達重申沿海工程“買進”評級與目標價3令吉25仙。(星洲日報/財經)
ILoveDividend
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04 Feb 2012, 08:27 PMPost #10
COASTAL poised to move higher next week?
KLSETrader
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04 Feb 2012, 08:53 PMPost #11
COASTAL may have bullish breakout today. It should enjoy the uptrend from now.

...KLSETrader @ 19 Jan 2012, 07:58 PM


Congra to those who bought it at RM2.00. Hope it can break RM3.00 soon. wub
kkchong
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04 Feb 2012, 11:14 PMPost #12
Another good fundamental company is going to be privatised...Haiz...rant
CNY2012
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08 Feb 2012, 08:00 PMPost #13
沿海工程竞标数合约 冀进军印尼油气业

二零一二年二月八日 晚上七时七分

(吉隆坡8日讯)沿海工程有限公司(COASTAL,5071,工业产品组)正竞标数份合约,以容许该山打根造船商,进军印尼石油与天然气工业的上游领域。

《TheEdge》财经周刊引述消息来源指出:“该集团正投标数份合约,因它探讨持续性收入以支援其造船与包租核心业务。”

“该公司只是提出竞标,目前尚未落实。这些工程也将需要沿海工程物色伙伴,因它们并没有相关的经验。”

消息补充,该公司将只会在获得入选后才与潜在伙伴展开谈商。

根据追踪该股的分析师称,上述合约的价值相信会比沿海工程现有订单6亿1000万令吉高出4倍。

市场盛传,沿海工程将负责提供资金,而潜在伙伴则将提供适当经验。

沿海工程目前处于净现金地位,持有现金1亿9675万令吉,而借贷只有1632万令吉。

除了印尼工程,该集团也放眼马来西亚岸外石油与天然气计划。

去年12月,它与3个团体签署协议,设立一家联营公司,从事投标、争取、赢得和执行马来西亚的岸外石油与天然气计划。

在致给大马交易所的文件中,沿海工程透露,上述联营符合该集团的策略,以多元化其于岸外石油与天然气领域内的商业活动。

黄氏星展研究预测,上述联营将成为在马来西亚船只的强劲销售外,该公司建造部门的跳板。

“由于国家石油公司的投资增加,加上替代旧船的较高需求,船只订单预料会继续强劲。”

最近,该集团也投资于高价值岸外支援船领域,建造2艘海底船,价值各为1亿500万美元(3亿1700万令吉)。

集团执行主席黄振兴早前表示,岸外支援船需求将随着本地岸外活动的较高需求而增长,而每桶约为90美元的原油价格,也将促进更多的开发活动。

沿海工程预料在截至2011年12月31日止财政年录得6亿6000万令吉销售。

黄氏星展已预测,它将分别在2011和2012财政年创下1亿8700万令吉和1亿9600万令吉的净盈利。

侨丰投资研究指出:“虽然经过数次流产,尤其是自欧洲债务危机加剧后,我们仍然相信沿海工程成为一个合并与收购目标的可能性将在数月内浮上表面。”

分析师称,沿海工程已被低估,但其主要吸引力是坐落在沙巴山打根的100英亩造船船坞。
kkchong
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22 Feb 2012, 01:34 PMPost #14
Moving up agian. Report coming out soon. Hopefully a good report and it can break RM3.00. drool
ILoveDividend
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28 Mar 2012, 03:00 PMPost #15
Good chance to buy now?
superock
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29 Mar 2012, 07:42 AMPost #16
Good chance to buy now? ILoveDividend @ 28 Mar 2012, 03:00 PM
wait till it drops to around 1.900.i bought it @1.88,sold at 2.25.
ILoveDividend
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29 Mar 2012, 08:53 AMPost #17

wait till it drops to around 1.900.i bought it @1.88,sold at 2.25.superock @ 29 Mar 2012, 07:42 AM


Looks pretty cheap now, based on EPS 40cents. Now only selling at PE < 5. drool
ILoveDividend
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10 Jul 2012, 05:28 PMPost #18
Coastal Contracts bags sales orders of RM446m

KUALA LUMPUR: Coastal Contracts Bhd has secured sales orders worth RM446 million for 10 offshore support vessel (OSV) units, its biggest orders since February last year.

This is expected to contribute positively to the Sabah-based shipbuilding group's earnings in the current financial year and the next, it told the stock exchange yesterday.

Its executive chairman Ng Chin Heng said the latest contracts would "significantly" strengthen the group's vessel sales order book.

Including the new contracts, the group now has about RM583 million worth of vessel sales orders awaiting delivery to customers up to 2013.

"We are glad to secure these major contracts despite the market of OSV (being) slightly congested recently. In view of the current challenging market condition and vulnerability of global economy, we have to put in more efforts to secure more vessel sales orders in future," Ng said in a press release.

The 10 OSV sales were secured from four customers, two of which are repeat customers.

http://www.btimes.com.my/Current_News/BTIMES/articles/cost/Article/
Jacky
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10 Jul 2012, 08:31 PMPost #19
Coastal Contracts bags sales orders of RM446m

KUALA LUMPUR: Coastal Contracts Bhd has ...ILoveDividend @ 10 Jul 2012, 05:28 PM


I think this is a good stock to hold for long term. However, its last few quarters were dropping. Hopefully coming quarter will have a suprise. smile
ILoveDividend
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14 Aug 2012, 12:03 PMPost #20
Coastal Group units wins RM141m jobs

Coastal Group's wholly-owned units, Coastal Offshore (Labuan) Pte Ltd and Thaumas Marine Ltd have collectively secured contracts for the sale of vessels, namely a 300-Men Accommodation Work Barge, one unit of Anchor Handling Tug Supply (AHTS) and two units of low-end vessels for RM141 million.

"Following our recent order book intakes of RM446 million last month, we are glad to secure another major win within a short period of time despite the global economy’s growth threatened by the Eurozone debt crisis and its spillover effects," said the group's chairman Ng Chin Heng, in a statement today.

Except for the AHTS, which is for a repeat customer, the rest of the vessels are being sold to new customers from Singapore.

The vessels are expected to be delivered this year and in 2013.

The sales of the vessels are expected to contribute positively to the group's performance for the financial years ending Dec 31, 2012 and Dec 31, 2013.

Todate, the shipbuilder has about RM711 million worth of vessel sales orders awaiting delivery to customers up to 2013.

"Currently, oil and gas exploration and production activities are increasingly taking place in more remote locations and harsh climates.

"We anticipate the demand for more technologically advanced and bigger size accommodation work barge to increase in future," Ng said.

The group specialises in offshore support vessels as well as marine transportation vessels.

Presently, it owns and operates a comprehensive young fleet of 29 vessels, comprising 11 tug boats, 11 deck barges and seven oil barges. -- Bernama


http://www.btimes.com.my/Current_News/BTIMES/articles/20120813202525/Article/index_html#ixzz23RPhUlvW

yeah doh drool lol mad notworthy question rant rolleyes sad shutup shy smile star sweat thumbup wub cry


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